The formula isn't going to determine who is in the money and who is on the bubble. "In the money" and "on the bubble" (columns "Times Placed" and "Bubble" on the Stats tab) are determined by prizes. The software looks at your Prizes configuration and determines the prize that is awarded to the lowest ranking player. So, if you have prizes configured for 1st, 2nd, 3rd, 4th, and 5th, then the software determines that anyone ranking 5th place or better is "in the money". Anyone ranking 6th place is "on the bubble". Note that it doesn't matter if you award cash, points, or neither. What the software looks at is the "Recipient". If "Recipient" is set to "Rank n", then it is considered when determining "In the money" and "on the bubble".
I looked at your most recent tournament and it is as I suspected. You're awarding 20 prizes, 19 of which are to the specific ranks 1 through 19. Only ranks 1 through 3 get cash, but that doesn't matter to the software. It's the fact that they are getting a prize awarded to a specific rank that matters in computed "in the money" and "on the bubble".
So, you should delete prizes for 4th through 19th place. Then remove the points from prizes for 1st, 2nd, and 3rd. On the Game tab, set "Points for hit" to 0. Then set "Points for Playing" to:
(position * 5) + (nh * 2)
Once you do this you will see that the points each player has earned remains exactly the same. But it's much easier to maintain because you don't need 20 prizes, you only need 4. And once you do this for all of your existing tournaments and re-save them, your "In the money" and "On the bubble" stats should be correct. I'll attach the tournament I updated as an example.